Discounted Cash Flow (DCF) Analysis Unlevered

Getty Realty Corp. (GTY)

$26.73

-0.47 (-1.73%)
All numbers are in Millions, Currency in USD
Stock DCF: 72.59 | 26.73 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 140.66147.35155.41165.59185.85199.33213.78229.29245.92263.76
Revenue (%)
EBITDA 102.47126.61237.75144.73143.68189.95203.72218.50234.35251.35
EBITDA (%)
EBIT 74.4092.52197.4599.4292.34140.51150.70161.64173.36185.93
EBIT (%)
Depreciation 28.0634.0940.2945.3151.3449.4353.0256.8660.9965.41
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 21.7855.0724.748.713.3130.2332.4234.7737.2940
Total Cash (%)
Account Receivables 75.1759.2565.1788.95171.44112.24120.38129.12138.48148.52
Account Receivables (%)
Inventories 1.880.875.346.294.264.574.905.265.646.05
Inventories (%)
Accounts Payable 60.9647.0845.9443.7446.7962.3766.8971.7476.9582.53
Accounts Payable (%)
Capital Expenditure -0.01-0.28-0.27-0.21-0.23-0.25-0.27-0.29-0.31-0.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.73
Beta 0.929
Diluted Shares Outstanding 50.22
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.719
Total Debt 772.74
Total Equity 1,342.27
Total Capital 2,115.02
Debt Weighting 36.54
Equity Weighting 63.46
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 140.66147.35155.41165.59185.85199.33213.78229.29245.92263.76
EBITDA 102.47126.61237.75144.73143.68189.95203.72218.50234.35251.35
EBIT 74.4092.52197.4599.4292.34140.51150.70161.64173.36185.93
Tax Rate 64.81%68.04%99.32%0.00%0.00%46.43%46.43%46.43%46.43%46.43%
EBIAT 26.1829.571.3499.4292.3475.2780.7386.5892.8699.60
Depreciation 28.0634.0940.2945.3151.3449.4353.0256.8660.9965.41
Accounts Receivable -15.92-5.92-23.78-82.4959.20-8.14-8.73-9.37-10.04
Inventories -1.01-4.47-0.952.03-0.31-0.33-0.36-0.38-0.41
Accounts Payable --13.88-1.14-2.203.0415.584.524.855.205.58
Capital Expenditure -0.01-0.28-0.27-0.21-0.31-0.25-0.27-0.29-0.31-0.33
UFCF 54.2366.4329.83117.6066.03198.92129.53138.92149159.81
WACC
PV UFCF 185.70112.88113.02113.16113.30
SUM PV UFCF 638.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.12
Free cash flow (t + 1) 166.20
Terminal Value 5,326.89
Present Value of Terminal Value 3,776.77

Intrinsic Value

Enterprise Value 4,414.84
Net Debt 769.44
Equity Value 3,645.40
Shares Outstanding 50.22
Equity Value Per Share 72.59